Everyone needs money in order to survive in modern society and get somewhere in life, however money can be hard to come by at times, this makes it harder for some people to achieve their goals and survive. Fortunately, the concept of borrowing money for a certain period of time and then returning it has been around for quite some time, there are numerous entities out there that provide people with loans, many businesses also deal in credit transactions which involve obtaining goods and services and then paying for them on a later date. Taking loans and credit dealings can be helpful in many ways, however, the biggest problem with them is that the party taking the loan or purchasing on credit goes into debt, which if not paid in time can cause plenty of trouble.
There are many strict laws placed by governments that are there to discourage people from delaying paying off their debts, penalties range from fining the debtor to taking them to court and having their property seized in order to make up for the amount that they failed to pay. Getting trouble into debt can be a major problem, and it’s quite common amongst small to medium businesses, many businesses get dissolved within their first ten years of operations by falling into debts which they cannot pay.
Debts can be pretty troublesome but no one ever delays paying them off in purpose, this makes the situation pretty helpless for the debtor. Fortunately there exists a way to pay off debts in a method that keeps both parties happy and protects the party in debt from any legal action; a trust deed is a legally binding agreement between two parties that is agreed on voluntarily by both sides, the deed is over seen and formed by a third party agency known as a trustee. This deed takes into consideration a number of factors and comes up with a payment plan that allows the party in debt to pay off its owed amount in a comfortable manner. The period of time for making the payment usually lasts four years.
There are many advantages to having a trust deed, it prevents any legal action from being taken and it keeps the party in debt’s assets safe from seizure, the entire payment period is overlooked by an advisor who makes sure that payments are made in a timely manner and that both parties feel comfortable throughout the process. If you’re looking to form a reliable trust deed Scotland has CreditFix, a company that specializes in such situations, if you’re debt is over £5000 and you’ve been a Scottish resident for at least six months then CreditFix can help you. If you feel like your situation needs a trust deed then get in touch with the company, they’ll be more than happy to provide you with the proper guidance and help that you need to come to terms with whoever you are in debt to.